The latest local report from the Hampton Roads Planning District Commission shows growth in the Hampton Roads economy
NORFOLK, Va. (`) — A new report from the Labor Department shows inflation rose to 3.5% in March, more than economists had expected.
Gasoline, rent and vehicle insurance are primarily responsible for the slight increase.
According to Moody's Analytics, people are paying $227 more each month for essentials like food, housing and gas.
But the latest local report from the Hampton Roads Planning District Commission tells a different story about the state of the economy.
Inflation-adjusted retail sales in Hampton Roads exceeded pre-pandemic levels by more than 15%, according to the report.
Hotel revenue, which measures local tourism performance, is still nearly 30% above pre-pandemic levels.
And the seasonally adjusted unemployment rate is still near historic lows, falling month over month but still slightly above pre-pandemic levels.
Despite the difficulties families face when it comes to monthly bills, the average American's confidence in the economy has not declined either.
According to the latest consumer sentiment index released Friday by the University of Michigan, consumer confidence remains relatively high compared to 2022's peak lows.
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